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Why Dogecoin Plunged 11% Today

TheMotleyFool

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The value of Dogecoin (CRYPTO: DOGE) plunged as much as 11% on Wednesday as yesterday's pop wears off. Shares are down 8.9% in the past 24 hours and off about 20% from its Tuesday peak.

Shares of Dogecoin jumped over 40% early on Tuesday after Elon Musk tweeted that Tesla will make some merchandise buyable with Dogecoin. The Tesla CEO has been a key proponent for Dogecoin, and this is the first time he's brought up a real utility for the cryptocurrency. That said, merchandise is a small utility and even that may not last long.

Image source: Getty Images.

Source Fool.com

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